Grain and soy prices remained weak Tuesday

Bearish expectations weighed on crop futures again Tuesday. The reduced threat of frost this weekend seemingly triggered fresh selling in the crop markets today, but traders were probably anticipating bearish production revisions on Thursday’s big USDA reports as well. December corn futures settled 4.0 cents lower at $3.4425/bushel Tuesday, while May lost 4.25 to $3.655.

The soy complex also moved mostly lower. As in the corn market, prospects for decent late-season weather and big production numbers weighed on soybean, oil and meal prices Tuesday. Early news of another sizeable bean sale limited early losses in September beans and boosted nearby meal, but most contracts suffered from the prospective supply/demand imbalance. November soybean futures fell 15.75 cents to $9.9275/bushel Tuesday afternoon, while October soyoil sank 0.40 cents to 31.56 cents/pound, and October soymeal slipped $0.7 to $352.4/ton.

The wheat markets remain under pressure as well. The sub-rosa nature of the Ukraine conflict is denying the wheat markets of a bullish spark, which in turn is allowing the bearishness of the global situation to dominate trading. Late news of huge Russian exports exemplified the plentiful supply. December CBOT wheat ended Tuesday 6.0 cents lower at $5.275/bushel, while December KC wheat dipped 6.0 cents to $6.23/bushel, and December MWE wheat slumped 5.5 to $6.0525.

Cattle futures resumed their advance Tuesday. Cattle futures began the week rather poorly after surging last week. However, Monday’s late report of big beef gains apparently improved prospects for this week’s trading, with futures posting across the board gains as the day passed. October live cattle futures climbed 1.15 cents to 159.67 cents/pound in late Tuesday trading, while December futures surged 1.60 to 162.45. October feeder futures jumped 1.82 cents to 227.75 cents/pound, and January feeders leapt 1.70 to 219.67.

Resurgent pork prices spurred big hog gains. Hog futures began the week in mixed fashion, as did cash and wholesale quotes. However, pork prices reportedly jumped Tuesday morning, thereby encouraging fresh buying in the CME pit. October hogs soared 2.70 cents to 105.77 cents/pound at Tuesday’s close, while December vaulted 2.20 to 98.25.